No one can pinpoint just when payroll administration got so complicated, but everyone agrees that it is! More than just complicated; it often results in major headaches for many companies.
Today's payroll administrator needs to know much more than just the number of employees and their salaries. Many things impact an employee's income. Some of the these things include:
- different pay types
- shift differential
- unemployment compensation
- worker's compensation
- separation pay
In addition to the gross income, paychecks also involve deductions, such as taxes (Federal, State and Local including Social Security and Medicare), retirement (when applicable), health insurance, child support and other garnishments.
Most Common Concerns in Payroll
On top of all this, there are all those employee and government forms to complete and reports to make. Businesses report the biggest payroll concerns involve:
- consistent, accurate payroll amounts
- timely issuance of checks
- complete compliance with ever-changing wage and tax laws
- timely and accurate tax deposits and reports
Because of the complexities of payroll administration, companies use one of three different ways to handle it: they hire professional staff in-house, they buy payroll software or they outsource it.
Why Should Companies Outsource Payroll?
Finding hiring, training and keeping good staff often creates its own problems and can be costly. Payroll software usually needs customizing to meet a company's unique needs and requires frequent updating. Furthermore, software still requires special bookkeeping and/or tax knowledge.
When you outsource your payroll administration to our professional company, however, the headaches are gone. Our experienced CPAs stay up-to-date with all payroll applications and changes, not only those created by governments, but also within your own company. We analyze your business to determine which regulations apply to you. Based on the information we receive, we prepare and print checks and ensure timely and accurate distribution of your employees' pay, keeping them (and you) happier on the job. We complete all required reports and file your company's taxes on time. Your payroll records will always be current. You will save time and money from over and under-payments and payroll reconstructions and any fines for non-compliance with state and federal laws.
We believe we can provide a valuable service to you. Interested in learning more about outsourcing your payroll?